Virax Biolabs Group Limited (NASDAQ:VRAX) surged 114% in premarket trade on Wednesday after the company announced major strides in developing diagnostics for post-acute infection syndromes (PAIS), including Long COVID.
The biotechnology group said it has hit several important milestones across 2025, setting up 2026 as a pivotal year for clinical readouts from its ViraxImmune™ platform. Virax finished enrollment for its first U.K. clinical study ahead of schedule, with early results expected in the second quarter of 2026, and began a second fully-enrolled trial in the U.K. specifically focused on PAIS.
In a letter to investors, CEO James Foster underscored the company’s shift “from plans to execution” across its major initiatives. “The past year has been about execution – moving from plans on paper to recruited patients, generated data, regulatory engagement and strengthened institutional partnerships,” Foster said.
Virax has also entered a clinical collaboration with Emory University to support U.S. regulatory progress for its Long COVID diagnostic program. At the same time, the company continues to expand its ImmuneSelect research-use-only product line, which does not require diagnostic approvals and could start contributing to revenue sooner.
As of September 30, the company held roughly $3.3 million in cash and cash equivalents and carried no long-term debt. Virax also pointed out that its current market capitalization, around $1.7 million, remains below its cash balance — an indication that the market may be undervaluing its clinical pipeline and intellectual property.
Looking to 2026, Virax aims to deliver data from its U.K. PAIS study, kick off U.S. clinical work with Emory, and further build out its immune-profiling platform by expanding the ImmuneSelect portfolio and evaluating additional collaboration opportunities.